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Shell divests Gulf of Mexico assets for $425 million plus royalty

Staff Writer |
Royal Dutch Shell, through its affiliate Shell Offshore, announced an agreement to sell 100 percent of its record title interest in Gulf of Mexico Green Canyon Blocks 114, 158, 202 and 248.

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Those blocke, referred to as the Brutus/Glider assets, will be sold to EnVen Energy Corporation, through its affiliate EnVen Energy Ventures. In line with Shell’s global divestment plans, this transaction includes $425 million in cash. The transaction is expected to close in October.

The Brutus/Glider assets include the Brutus Tension Leg Platform (TLP), the Glider subsea production system, and the oil and gas lateral pipelines used to evacuate the production from the TLP.

The Brutus/Glider assets have a combined current production estimate of approximately 25,000 barrels of oil equivalent per day (boe/d).

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